TAKEAWAYS

• Led by the region’s booming technology and life sciences sectors, the total availability rate decreased to 18.6% at year-end 2021, down from 20.0% in Q3 2021.
• Due to new construction and higher-end space on the market, the overall average rent increased to $3.16 per square foot (psf) per month, up from $3.11 psf last quarter and up from $3.13 psf reported a year ago.
• Q4 leasing activity of 1.6 million square feet (msf) was flat from Q3 but brought total 2021 leasing activity up to 5.1 msf, up 38% from 3.7 msf in 2020.
• With 3.7 msf of new office space now under construction, availability could increase again if leasing activity does not keep pace in the short-term.

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